Grayscale launched a SUI fund on Wednesday, leading to a price surge for the SUI token. Since the announcement, SUI’s price has pumped over 30% and is now trading around $0.86. This means SUI is now in top crypto gainers this week.
Overall market recovery definitely helped as well considering Bitcoin broke above $59k.
SUI is a Layer 1 blockchain platform designed to enhance transaction speeds and facilitate the deployment of smart contracts. It employs a delegated proof-of-stake consensus mechanism and utilizes the Move programming language, which allows for parallel transaction execution, thereby increasing scalability without compromising security.
Many analysts have been calling SUI “the next Solana,” suggesting it could become another major player in the layer 1 network space.
BREAKING NEWS: @Grayscale launches a new SUI fund!World-renowned institutions are diving into Sui! Cutting-edge tech, unmatched utility, and its builders creating the internet of the future.Huge kudos to Grayscale for moving on SUI! by @TheBlock__ https://t.co/YbtGIojLLH
— Sui (@SuiNetwork) August 7, 2024
With a market cap now above $2 billion, it appears that SUI still has room for growth. The next logical target seems to be $2, which aligns with the all-time high (ATH) area set in March of this year.
The launch of a SUI fund by Grayscale is considered highly bullish for the project. Grayscale’s involvement often signals increased institutional interest and can lead to greater exposure and adoption of a cryptocurrency.
Raoul Pal, who has over 1 million followers on X (formerly Twitter), compared SUI’s chart with other layer 1 project charts such as AVAX, APTOS, and TIA. He noticed that SUI is breaking out against all of these, which is considered a bullish signal.
Sui $SUI is the groundbreaking ultra-fast L1, super efficient, full blockchain ecosystem that came out of Meta's Diem project.The idea is that it is built for the scale of 4 billion people… i.e turning Web2 > Web3 1/
— Raoul Pal (@RaoulGMI) August 8, 2024
This outperformance suggests that SUI might be gaining momentum and attracting more investor interest compared to its peers in the layer 1 space.
Read also: Expert Predicts Polygon’s (MATIC) Potential Rally to $7.64, Shares Strategies and Timeline
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